21. Februar 2024

BitFlyer holds its first virtual shareholders‘ meeting with its blockchain-based voting application


BitFlyer Holdings, which manages one of Japan’s largest crypto-currency exchanges, held its general shareholders‘ meeting on Friday and, for the first time, used a blockchain voting application.

In the „new normal“ where social distancing is required, blockchain technology finds another use case. The voting application, called bVote, was developed by its subsidiary BitFlyer Blockchain. It allowed the first virtual shareholders‘ meeting to end „on schedule and without any inconvenience“.

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The application prevents the falsification and manipulation of votes, and requires users to scan their My Number card (similar to the Social Security Number in the United States) for identification.

BitFlyer aims to first present the application to private company shareholder meetings. Then they will target public company shareholder meetings and other occasions.

On Thursday, BitFlyer’s rival Coincheck announced a new service for virtual shareholder meetings. Called Sharely, it will be introduced to the public in the fall.

Virtual shareholders‘ meeting

In statements to Cointelegraph, BitFlyer explained that there were only three people, including BitFlyer Blockchain CEO Yuzo Kano, who physically attended the shareholders‘ meeting. Eight other shareholders participated remotely.

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The agenda was to partially change the corporation’s articles, to promote digitalization in the midst of the coronavirus pandemic. It only took them about 20 minutes to finish the meeting.

„It was more convenient than the traditional shareholder meeting, as it doesn’t cost much Corona Millionaire and it takes time to travel,“ said one of the attendees. „Since I got used to working remotely after the state of emergency by COVID-19, I didn’t feel strange about using bVote,“ said another attendee.